Power DC 2023

It’s something else right now in the commercial real estate market in the nation’s capital. Record high office vacancy, a key workforce (the feds) staying partly remote, a deepening housing crisis, data centers expanding and law firms contracting. Commercial Observer’s annual Power DC list of the most influential players in the region’s industry makes sense of it all. Also today, a major financing for a multifamily project in South Florida.

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— Tom Acitelli, Co-Deputy Editor

Power DC 2023

Change is never easy, but it’s the nature of life, and D.C. is certainly going through a transition period. While remote work has hit the city’s downtown core especially hard, with office vacancy at historic peaks, the region’s network of diverse outer neighborhoods has recovered, and each is evolving in new ways. Across the region, population has rebounded, restaurants are opening, streets are fuller, and there’s no question that the unique mix of institutions in the area — the federal government and its many tentacles, including law firms and lobbyists, and top-level universities and hospitals, along with their ecosystems — will continue to draw talent, jobs and, by extension, real estate investment. The question is: Who is well positioned to navigate and perhaps benefit from the seismic changes to the office sector and the capital markets? That’s the focus of this year’s Power D.C. list. We have owners and developers who are creating megaprojects anchored by in-demand multifamily and retail, or are utilizing the displacement in office to their advantage, either by converting office to residential or building office product that continues to draw tenants.

See the entire list

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Related Fund, Lubert-Adler Provide $226M Construction Loan for Luxury Multifamily

Property Markets Group (PMG), a New York City-based national development firm, and Greybrook, a private equity firm in Toronto, have secured a $226 million construction loan to commence phase two of the Society Las Olas mixed-use apartment complex in downtown Fort Lauderdale, Fla., Commercial Observer can report. The project is scheduled to open in Fall 2025. Financing was provided by Related Fund Management, a multistrategy real estate investor with more than $11 billion under management, and Lubert-Adler, a real estate investment firm that has raised $10 billion in equity and has invested in $25 billion in real estate since its founding in 1997. The loan is a three-year term with extension options, according to sources close to the deal.

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